Texas Special District Local Laws Code § 9601.212 Additional Authority To Provide Debt Service Reserve

Sec. 9601.212. ADDITIONAL AUTHORITY TO PROVIDE DEBT SERVICE RESERVE. (a) The board may provide that in lieu of or in addition to providing for the funding of a debt service reserve fund with cash, a line or letter of credit or an insurance policy may be used for the debt service reserve fund.

(b) Any agreement under which a line or letter of credit or insurance policy is provided must be submitted to the attorney general for examination and approval. After approval, the agreement is incontestable in any court or other forum for any reason and is a valid and binding obligation of the district in accordance with its terms for all purposes.

Added by Acts 2009, 81st Leg., R.S., Ch. 523 (S.B. 1223), Sec. 1, eff. June 19, 2009.

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Last modified: September 28, 2016